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- Trade has income distribution effects. For example, suppose that because of a government-negotiated reduction in trade barriers, trade between Germany and the Czech Republic increases. Germany sells house paint to the Czech Republic. The Czech Republic sells alarm clocks to Germany. Would you expect this pattern of trade to increase or decrease jobs and wages in the paint industry in Germany? The alarm clock industry in Germany? The paint industry in Czech Republic? The alarm clock industry in Czech Republic? What has to happen for there to be no increase in total unemployment in both countries?How many stage of WTO Dispute Settlement? What are they? Briefly explain each stge of the WTO Dispute Settlement mechanism.What are the roles of WTO? Elaborate each role.
- In the accompanying graph, assume that the cotton market is intervention-free and without international trade. Then, the gains from trade correspond to the areas:a. ABIJKb. ABIJKPQSRXF2c. PQSRXF2d. IJKPQSRXF2Note: please explain which is the correct answer and also explain why the other alternatives are false.How does the World Trade Organization (WTO) differ from its predecessor General Agreement on Tariffs and Trade (GATT)? Briefly explain the main activities of the WTO.briefly explain one reason why/when protectionism might be a good idea AND one reason why/when it might be a bad idea.
- What are the four unresolved issues in international trade negotiations at WTO?Examine the role of WTO in resolving such trade conflicts between countries.One of the current disputes that WTO is addressing is the "Poland - Measures concerning agricultural products from Ukraine. Discuss the details of this dispute?
- What is The International Monetary Fund, and how does it facilitate world trade?What does Globalizing Trade mean? Explain briefly.List three reasons (along with a thorough explanations) that trade can be beneficial to the environment. What is the Environmental Kuznets Curve? What are the justifications of it?
